Author: Julius Alagbe

Alleged N110bn Fraud: No Banking Regulation Was Breached – Banker A third witness for the Economic and Financial Crimes Commission (EFCC) (PW3), in the trial of former Gov. Mr Yahaya Bello of Kogi says that no banking regulation was breached by the defendants. He made the statement while testifying before Justice Maryanne Anenih of the FCT, High Court, Maitama, Abuja on Wednesday. Bello and his co-defendants Umar Oricha and Abdulsalami Hudu were arraigned on Nov 27, 2024 on a 16-count- charge bordering on alleged property fraud to the tune of N110 billion. The PW3, Williams Abimbola, said during cross-examination, that…

Liquidity: Cash-Rich Banks Chase 24.5% SDF Rate at CBN Window The short-term benchmark interest rates mixed due to the surplus liquidity position in the financial system. Deposit Money Banks (DMBs) continue to park funds with the Central Bank for a 24.5% rate on the standing deposit facility (SDF) window. Despite three straight OMO auctions floated by the CBN, the liquidity level in the financial system closed at approximately N3.8 trillion, AIICO Capital Limited report highlighted. The investment firm stated that the interbank market maintained strong liquidity at ₦3.79 trillion as commercial banks remain active at the SDF window. Total placements…

CBN Reduces Interest Rates on Nigerian Treasury Bills The Central Bank of Nigeria (CBN) reduced interest rates on Nigerian Treasury bills across standard maturities, its primary market auction results revealed. The spot rate on one-year treasury bills was axed by 101 basis points, reflecting its adjustment to the monetary policy rate and robust liquidity in the financial system. The Nigerian treasury bills with 91 days to maturity were spared, while the rate on 182 days bills was slashed by slightly. The authority floated its first treasury bills auction on Wednesday, where N570 billion worth of Nigerian short-term borrowing instruments were…

Naira Up, FTSE Russell Confirms CBN Unrestrictive FX Repatriation Policy The naira reclaimed value against the US dollar after a three-day downward trend at the Nigerian Foreign Exchange Market (NFEM). Boosted by foreign investors’ confidence, the local currency picked up on Wednesday at the official window, supported by fuelled improvement in foreign currency supply. Market confidence strengthened after FTSE Russell, a global index service provider, confirmed that foreign investors are now finding it easy to repatriate US dollar from Nigerian capital market. With the absence of FX restriction, FTSE Russell revealed a plan to upgrade the Nigeria index to frontier…

Equities Investors Gain N459bn as Fidelity Bank, MTN Rally Equities investors saw more than N459 billion gain on the Nigerian Exchange (NGX) trading platform due to positive price movement in bellwether stocks, including Fidelity Bank, MTN Nigeria, and Aradel Holdings. The local bourse extended its positive momentum on Wednesday, driving key performance indicators higher by +0.50% while the year-to-date return advanced to 41.6%. The market witnessed profit-taking activities in some recently appreciated stocks, still the overall performance remained positive, driven by sustained buying interest in large and mid-cap stocks. Investor sentiment was upbeat, buoyed by improving macroeconomic fundamentals and moderating…

Citi Meets CBN N200bn Capital Requirement Ahead of Deadline Citibank Nigeria Limited (Citi) has successfully met the Central Bank of Nigeria’s (CBN) new minimum capital requirement of N200 billion for national commercial banks – ahead of the first quarter 2026 deadline. In an official statement released by Lola Oyeka, country head of public affairs for Nigeria and Ghana, the bank said the achievement reinforces Citi’s enduring commitment to Nigeria’s financial sector and economic growth. Commenting on the development, Mrs. Nneka Enwereji, MD/CEO of Citibank Nigeria Limited, stated, “Meeting the CBN’s N200 billion capital requirement is more than compliance – it…

CBN Floats OMO Bills, Raises N3trn from N4.4trn Subscription The Central Bank of Nigeria (CBN) conducted another open market operation (OMO) on Tuesday as part of an effort to mop up excess liquidity in the financial system. Foreign portfolio investors’ (FPIs) and deposit money banks’ (DMBs) total demand spikes after two consecutive primary market under allotments by the authority since Friday. The Apex Bank floated N600 billion for investors’ subscription on Tuesday as excess liquidity in the banking system crossed N6 trillion amidst the previous auction settlement. Market analysts reported that Tuesday’s OMO auction is the third floated by the…

Naira Declines Versus USD, CBN $150m FX Injections Thin Out The forex market value of the Nigerian naira depreciated for the third consecutive trading session as the US dollar volume available at the supply side thinned out.  The Central Bank of Nigeria (CBN) FX report showed that the spot rate depreciated to N1471.0892 per dollar, reflecting an imbalance between US dollar demand and supply in the forex market. The official rate opened in October at N1,455.2373, and since then, the spot rate has been on a declining trend versus the greenback in the absence of FX intervention. The FX rate…

Gold Hits Historic High of $4,000 on Global De-dollarisation Gold has just surged to a record $4,000 per ounce, its all-time high (ATH), fuelled by demand for safe assets amidst U.S. political deadlock that has forced the government to shut down since last week. The price surge has been attributed to the post-U.S. tariff adjustment reactions, with many countries seeking to decouple from dollar dominance. Since the beginning of the year, the gold price has surged by 50%, with the new rally driven by demand for safe asset while the US federal government shutdown drags on into its second week…

Nigerian Exchange Surpasses N92trn as Equity Investors Gain N109bn Supported by bargain hunting in bellwether stocks, the Nigerian Exchange (NGX) market capitalisation surpassed N92 trillion on Tuesday as investors showed interest in MTN Nigeria, Lafarge Africa WAPCO, and other risers. The Nigerian domestic market extended its positive momentum to close today’s trading on a bullish note, with key market indicators advancing by +0.12%. The stock market uptrend was largely driven by renewed buying interest in some medium- and large-cap stocks, including CONHALLPLC, CHAMS, BERGER, MTNN, and Lafarge Africa (Ticker: WAPCO) among others.  Investor sentiment remained upbeat, supported by improving macroeconomic…